EP49: What is Bitcoin and Why You Should Care! (FINCON 2016 preview)
This week I’ve decided to give you a preview of the presentation I’m giving at the FinCon 2016 Conference in San Diego on Sept 23rd. FinCon is a big financial conference, held every year, which caters to financial bloggers, podcasters and content creators.
They’ve asked me to be the FIRST EVER speaker on crypto-currencies and I’m really excited to present. The purpose of this episode is to give you an idea of the topics I’d like to cover and ask for YOUR feedback and suggestions.
Remember, this crowd is young, financially savvy, active on social media and basically replacing the old school, mainstream media. Although they have a background in finance and economics...many of them have only heard of Bitcoin; most likely because of Mt. Gox, the Bitfinex hack, Silk Road or that it’s only used for illegal purposes. You know, the only reasons that the establishment media has reported on Bitcoin.
I’m sure there will be plenty of people still “feeling the Bern” and I get the impression that this audience is a bit left-of-center (whatever that means these days). They hate big banks, they don’t like the Federal Reserve and they are starting to distrust the “Establishment”. Their motto this year is “Establishment is out. Experience is in”. I don’t know about you, but this seems RIPE for a proper Bitcoin introduction.
These are not necessarily technical people. It’s not a room of computer scientists, security engineers or cypherpunks. These are people who are trying to create financial content for the next generation. I mean, who under 30 listens to CNBC anymore?
Before we get started, I have an action item for all of you. Every Entrepreneur knows the importance of setting actions items and completing them...and I need your help.
**Action Item: Understanding the audience at the FinCon 2016 Conference, what do YOU think is the BEST thing about Bitcoin to help them understand why it’s so significant and such an evolution in money and finance? Why should they give **** about Bitcoin?
Ok let’s get started. I plan to open with the statement that Bitcoin was released and made available to the public on Jan 3rd 2009 with the message “Chancellor on brink of second bailout for banks”. Basically Bitcoin was released on the day that the Big Banks were getting bailed out. I believe this will catch all the “feel the Bern” people and create curiosity around WHY Bitcoin was released on this day and for this purpose. This should build a lot of rapport very quickly and I expect to capture a lot of ears with this single line.
I plan to leverage this to appeal to their “individualistic” side and gather support for “Freedom of Money” so that they don’t need to trust the Big Banks any longer. There’s another option, and it’s called Bitcoin...the “Currency by the people, for the people”. I think they’ll love that line.
The idea is to work towards the understanding that more competition in money, just like with restaurants, cars and computers, is in everyone’s best interest. If we have an option to freely choose the money we want to use, then competition can come in and continually improve things. I’ll tell them that there are currently 100’s of other crypto-currencies all doing different things and trying to attract supporters. The Freedom of Money is theirs...if they’ll only take it.
Since I have experience in Offshore Banking, I plan to give them some parallels to how Bitcoin is money, but also a payment rail too. Basically Bitcoin competes with the USD/GBP/EUR but also with SWIFT, ACH, Paypal, etc. Remember, I only want to show them that Bitcoin is another financial option and tool for them to explore and ultimately find their own financial freedom. If I could have them leave with the understanding that Bitcoin is a “bank in their pocket” it would be great. Is this too boring? Should I skip it? Should I stick to the more “personal uses” of Bitcoin?
Since the presentation is only 30 minutes long, I may start to run out of time by this point, so I need to finish strong. I have a few options.
- Bitcoin in Venezuela and Argentina - Inflation is out of control! I can ask something like “should you have the freedom to choose to store your wealth and transact in a currency that isn’t being hyper-inflated by central banks?” How would your life be affected if you had 100% inflation per year?” Should the people in these countries have alternative money options?
- Math vs Politicians - who do you trust? Remember, a lot of these people got BERN’D with the elections and most will be quite intelligent...just not crypto-savvy. Bitcoin is regulated by MATH whereas fiat currencies are regulated by politicians.
- How To Use Bitcoin - I could show a screenshot of a Bitcoin wallet and maybe give a demonstration of how it works. I could offer $1 in Bitcoin to anyone who comes up to me after the presentation with a newly installed wallet. I could recommend several wallets for iOS and Android.
- Very simple explanation of the Blockchain - I see this as pretty mandatory. It could be very simple. Basically just show them how and why the blockchain is the best store of data in existence and how it’s verifiable, immutable and “grassroots”. I could compare this with the current top-down banking model where all of the ledgers are private, cannot be audited and permission-based.
I could talk for 2 hours, but i’ve only got 30m. What do YOU think are the best topics for me to present to a fresh, young crowed of financial content creators? This is not only a great opportunity for me, but a great opportunity for Bitcoin. If these people have the knowledge, resources and an understanding of how Bitcoin helps all people; the poor, the unbanked, business people, the left, the right, entrepreneurs and everyone in between...then we could have HUNDREDS more bloggers and podcasters spreading the awesomesauce of Bitcoin rather than just repeating all the shenanigans and lies that the establishment media offers.
I need your input. One of the best things about being an Entrepreneur is that we create networks of people who are actively building, offering advice and excited to share their experiences and feedback. How can I help you become more successful? Are you looking to network? Maybe have someone review your business plan? Lemme know how I can help!
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Thanks again for tuning in to this special episode of the Liberty Entrepreneurs Podcast and please share it with a friend. Until next time...KEEP BUILDING FREEDOM!!
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